Ordinance 1998-1280 - Laserfiche WebLink

Home Browse Search

a member of the Governing Board or an officer of the Enterprise. All business and actions of the Governing Board shall be governed by and made subject to all requirements, privileges, immunities, protections, limitations, and other provisions of law. The Enterprise shall have and may exercise the following powers: to hold meetings concurrently with regular or special meetings of the City Council, to adopt ordinances in the manner in which City ordinances may be adopted, to issue revenue bonds in the manner in which City revenue bonds may be issued without voter approval in advance, to pledge any revenues of the Facilities to the payment of such revenue bonds and to pay such revenue bonds therefrom, to enter into contracts relating to the Facilities in the manner in which City contracts may be entered into, to make representations, warranties and covenants on behalf of the City and to bind the City to perform any obligation relating to the Facilities other than any multiple-fiscal year direct or indirect debt or other financial obligation of the City without adequate present cash reserves pledged irrevocably and held for payments in all future years. Section 3. Enterprise Powers. The Enterprise shall exercise the powers of an Enterprise under the Amendment, including, without limitation, the power to issue or reissue bonds, notes, or other obligations, payable from the revenues derived or to be derived from its facilities and provision of its services. The Enterprise shall also be entitled to exercise such powers as are set forth in any applicable Colorado law, including the power to set rates, fees and charges for services provided by the Enterprise; provided, however, in no event shall the Enterprise have the authority to levy or collect taxes, whether sales taxes, use taxes or ad valorem taxes, nor shall the Enterprise have the power to direct the City to exercise its taxing power on behalf of the Enterprise. Section 4. Assets. The City shall continue to own the assets of the Facilities, acquire and convey properties constituting part of the Facilities, manage, operate and maintain the Facilities, employ and discharge the officers, managers and employees of the Facilities, keep books and records relating to the Facilities, invest and manage funds, budget and appropriate revenues and expenditures of the Facilities, award and execute contracts and make expenditures relating to the Facilities, fix, adjust and collect rates, fees and charges, and prescribe rules and regulations relating to the Facilities. The City may also borrow money, issue bonds or enter into other financial obligations relating to the Facilities as provided in the Constitution of the State of Colorado. Section $. Enterprise Fund. An Enterprise Fund shall be established to separately account for all revenues and expenditure incurred by the Enterprise. The Enterprise shall prepare an annual budget which may be included in the budget prepared for the City. All budgets, reports, audits, and financial operations of the